Tesla’s Retail Fans Buy the Stock at a Pace Never Seen Before

Tesla Inc.’s stock is in a freefall. Its sales are plunging around the world. Even its most avid Wall Street bulls are turning cautious. But one group is buying the electric-vehicle maker’s shares like never before: CEO Elon Musk’s fans.

The company has long had an ardent fan base of individual investors who hang on Musk’s every word on X, the social-media platform he owns. They analyze Tesla in great detail in online forums and largely function as a hype crew for the stock.